Company : Sol Infotech Pvt. Ltd. Website : www.courtkutchehry.com GUJARAT ELECTRICITY SUPPLY RULES, 1966 CONTENTS CHAPTER 1 :- Preliminary 1. Short title 2. Definitions CHAPTER 2 :- The Board 3. . 4. Remuneration 5. Resignation 6. Travelling allowance CHAPTER 3 :- State Electricity Consultative Council and Local Advisory Committee 7. Secretary of Council 8. Meeting of the Council 9. Terms of office of members of Council 10. Proceedings 11. Quorum 12. Officers not entitled to vote 13. The Chairman of the meeting 14. Place of meeting 15. Fees and travelling allowance for Member of the Council 1 6 . Prohibition on disclosure of confidential information by any inember of Council 17. Secretary of the Committee 18. Meetings of Committees 19. Procedures 20. Travelling allowances for members of Committees 21. Restriction on matter to be discussed at meetings CHAPTER 4 :- The Finance of the Board-Borrowing 22. Particulars of borrowing to be furnished to Government 23. Temporary borrowing by the Board 24. Power to reborrow 25. Application of money borrowed 26. Temporary investments 27. Issue of stock 28. Redeem ability of stock 29. Issue of stock at discount 30. Power to grant mortgages 31. Power to issue and renew bonds 32. Security for bonds 33. Extinction of securities redeemed or purchased 34. Appointment of Registrars 35. Registers of securities 36. Certificate of registered stock and bonds secured by trust deed 37. Right to transfer securities 38. Transfer of stock and bonds secured by trust deed 39. Transfer of mortgages and bonds not secured by trust deed 40. Inspection of register of mortgages 41. No notice of trusts 42. Transfer on death 43. Transfer otherwise than by death of holder or transfer in books or by deeds 44. Change of Registrar 45. Registrar may take fees etc 46. Registration fees 47. Registers to be prima fade evidence 48. Defaced or lost certificates 49. Closing of transfer books etc 50. Arrangement with bankers 51. Saving for power of revocation 52. Saving for Government CHAPTER 5 :- Annual Financial statement and other statements and reports to be submitted by the Board 53. Form of annual financial statement 54. Supplementary Statement 55. Submission of statement to the Council 56. Annual statement of Accounts 57. Submission of Annual Report CHAPTER 6 :- Miscellaneous 58. Remuneration of members of the Rating Committee 59. No remuneration payable under rules 4 and S7 simultaneously 60. Appointment of consulting Engineer 61. Repeal and saving GUJARAT ELECTRICITY SUPPLY RULES, 1966 In exercise of the powers conferred by Section 78 of the Electricity (Supply) Act, 1948 Government of Gujarat is pleased to make (after considering the objections and suggestions to the Draft Rules published under Government Notification. industries, Mines and Power Department, No. GU 131-EAS 2266/1588-K, dated the 28th March, 1966 the following Rules, viz:- CHAPTER 1 Preliminary 1. Short title :- These rules may be called the Gujarat Electricity (Supply) Rules, 1966 . 2. Definitions :- in these rules unless the context otherwise requires,- (1) 'the Act' means the Electricity (Supply) Act, 1948 : (2) 'Board' means the Gujarat Electricity Boards constituted under Section 5 ; (3) 'Chairman' means the Chairman of the Board: (4) 'Committee' means local advisory committee constituted under Section 17 : (5) 'Council' means the Gujarat State Electricity Consultative Council constituted under Section 16 ; (6) 'Government' means Government of Gujarat: (7) 'Government servant' means a person in the employment of Government: (8) 'Member' means a member of the Board: (9) 'Section' means a section of the Act: (10) 'Security' means any stock or bond issued or any mortgage granted by the Board. CHAPTER 2 The Board 3. . :- (a) Term of office and condition for reappointment of the Chairman and Member.-1[ (a) (i) The term of office of Chairman shall be not less than two years and not more than five years as the State Government may, specify in the order of appointment. The Chairman shall, after the expiry of the term for which he is appointed, be eligible for reappointment for term not exceeding two years at a time. (ii) The term of office of members other than the Chairman shall be two years. A member shall, after the expiry of the term for which he is appointed, be eligible for reappointment for a term not exceeding two years at a time. (iii) if any member is appointed by virtue of office, either under the Government or under the Board, the term of his office shall be such as may be determined by the State Government from time to time.] (b) Responsibility of Chairman.-The Chairman shall be responsible for properly carrying out the direction and decisions of the Board. (c) Liasion between the Government and the Board. The Chair man shall function as a Liasion between the Government and the Board in matter arising out of the administration of the Act to the, extent the Government is concerned. (d) Difference of opinion to be reported.-The Chairman may bring to the notice of the Government any difference of opinion, on matter of policy, arising between him and the other members of the Board. He may also similarly refer any other matter of policy, to the Government and place for directions received from them for consideration and action by the Board. 2 [(e) Controlling officers in respect of Travelling Allowance and Medical Bills.-The Chairman shall be the controlling officer in respect of: (i) The Chairman shall be the controlling officer In respect of his own travelling allowance and medical bills and travelling and other allowance (if any) admissible to the member of the council. (ii) The members of the Board shall be the controlling officer In respect of their own travelling allowance and medical bills.] (f) Alteration in the period of notice for meeting.-The Chairman may determine at his discretion the period of notice of any particular meeting of the council. (g) Placing new matter before meeting.-The Chairman may bring or cause to bring any new matters which in his opinion is urgent before any meeting of the council with or without giving notice. (h) Matter not to be discussed.-The Chairman shall if in his opinion it would be contrary to the public Interest to discuss or answer any particular matter relating to the Board at meeting of the Council, exercise his discretion to disallow such matters. (i) Invitees for a meeting.-Any officer of the Board not being a member thereof, may be invited by the Chairman to attend any meeting of the council. Such Officer may, with the previous consent of the Chairman, take part in the deliberations, but shall not be entitled to vote. (j) Casting vote.-The Chairman and in his absence a Chairman elected for conducting a meeting of the council shall be entitled to vote, and in the event of equality of votes, he shall have the casting or second vote. (k) Prohibition of disclosure of confidential Information.-No member of the council except with the previous permission of the chairman in writing shall disclose to any person, other than a member of the Board or of the Council or of a committee, any information relating to the affairs of the council or allow such person to inspect or have access for any books, documents or other papers relating to the business of the council as of a Committee, which are required to be treated as confidential. (l) Approval of Agenda.-The Chairman shall approve the agenda for meeting of the Board as also of the Council including the fixation of date, time and place of meeting. (m) Distribution of duties and functions.-Subject to the provisions of the Act, the chairman shall distribute the duties and functions between members. Secretaries and other officers of the Board, and matters pertaining to the disposal of the case work in the Secretariat of the Board on such .subject that are not to be included in the regular agenda of the Board's meeting. (n) Sanctioning of casual leave to member.-The Chairman shall be responsible for sanctioning casual and other kinds of leave without a substitute to members and the Secretary of the Board. (o) Decision on point of order.-Any point of order arised at the meeting of the council shall be decided by the Chairman and his decision thereon shall be final. (p) Performance of Journey outside the jurisdiction of the Board.- The Chairman shall be competent to allow the members and officers of the Board to undertake journeys for performance of the duties of the Board, outside the jurisdiction of the Board and also to make arrangements for carrying out the functions and duties of such members and officers in their absence. 1. Substituted by Notfn.dt. 18.2.1978. 2. Substituted by Notfn. d. 29. 12. 1984. 4. Remuneration :- (i) The remuneration of the Chairman and the other members of the Board shall be Rs. 100 for every day the Chairman or the member attends a meeting of Board or a meeting of any committee set up by the Board for the Boards work e.g. Labour Management etc. and shall not include a Local Advisory Committee constituted under Section 17 or a Rating Committee constituted under Section 57A convened for the transaction of any business connected in the discharge of any of its functions by the Board, provided that where a meeting of the board as well as a meeting of any one or more committees are held on the same day or where meetings of more than one committee are held on the same day, the chairman or the member, as the case may be, shall be entitled to draw remuneration for that day in respect of any one of such meetings only. (ii) The terms of appointment, salary other conditions of service of Chairman or members of the Board, appointed full time shall be such as may be decided by Government. 5. Resignation :- The Chairman or a member may resign his office by giving six months' notice in writing to the Government. The Government may if it thinks fit, waive such notice. 6. Travelling allowance :- The Board shall be competent to fix the travelling allowance of chairman and other member for journeys to attend the meeting of the Board and for other journeys connected with the business of the Board. CHAPTER 3 State Electricity Consultative Council and Local Advisory Committee 7. Secretary of Council :- (1) An officer of the Board not being a member thereof may be appointed by the Board as Ex-officio Secretary to the Council. (2) It shall be the duty of the Secretary, with the .approval of the Chairman of the Council to call meetings of the Council to give to the members thereof not less than 14 days notice in writing of the date, time and place of the proposed meeting. 8. Meeting of the Council :- (1) There shall be an annual meeting of the council to consider the annual financial statement of the Board. The Council shall also meet when a supplementary statement is placed before it. The Council may submit a report to Government or any financial statement placed before it by the Board. (2) In addition to the meetings of the Council required to be held under the provisions of Section 16 , the chairman may call a special meeting of the council whenever he deems it necessary. 9. Terms of office of members of Council :- The members of the council other than members of the Board shall hold office for a period of two years. 10. Proceedings :- The proceedings of every meeting of the Council shall be recorded in a minute book to be kept for the purpose, and shall be signed by the Chairman of the meeting on that meeting or at the next succeeding meeting. 11. Quorum :- The Quorum for the meeting of the Council shall be five, provided that if there is no Quorum present at any meeting, the Chairman shall adjourn the meeting to such time as he thinks proper and no quorum shall be necessary at such adjourned meeting if notice of such adjournment has been given to all the members. All questions arising for decision shall be decided by a majority of votes and the names of persons voting for and against a motion shall be recorded in the minutes book. In the event of an equality of votes, the person presiding over the meeting of the Council and such officers may take part in the deliberations of council but shall not be entitled to vote. 12. Officers not entitled to vote :- Officers of the Board not being members thereof may be Invited by the Chairman of the Council to attend any meeting of the council and such officers may take part In the deliberations of the Council, but shall not be entitled to vote. 13. The Chairman of the meeting :- The Chairman of the Council shall preside at every meeting of the Council. In his absence, a member of the Board shall be deputed by the Board to act as Chairman. In the event of the absence of the Chairman of the Council and the person so deputed by the Board the members present shall elect a chairman from amongst themselves. 14. Place of meeting :- Unless Government otherwise directs, all meetings of the Council shall be held at the head office of the Board. 15. Fees and travelling allowance for Member of the Council :- (1) A member of the Council shall not be entitled to any remuneration other than that provided in this rule. (2) A member of the Council other than a Government Servant shall be entitled to receive, for each day on which a meeting is held and he is present a daily allowance and travelling allowance or such other allowance for the purpose of reimbursing the personal expenditure incurred by him at the rate payable to a Government servant of the first grade. Provided that a member of the Board shall not be entitled to draw the aforesaid allowance for attending any meeting of the council if, on the same day a meeting of the Board is held. 16. Prohibition on disclosure of confidential information by any inember of Council :- No member of the Council shall except with the previous permission in writing of the Chairman of the Board, disclose to any person other than a member of the Board or another member of the Council or a member of the Committee, any information relating to the affairs of the Council or allow such person to inspect or have access to any books, documents or other papers relating to the business of the Council or of the Committee required to be treated as confidential. 17. Secretary of the Committee :- (1) An officer of the Board may be appointed by the Board to serve as Ex-officio Secretary to any or all Committees. (2) It shall be the duty of the Secretary of the Committee to call meetings of the Committee in accordance with the instructions received from the Chairman of the Board, or from the Government. 18. Meetings of Committees :- Committees shall meet on such dates and at such places as may be notified by the Secretary. 19. Procedures :- All questions arising for decision shall be determined by a majority of votes and the names of persons voting for and against a motion shall be recorded in a minutes book. In case of an equality of votes the Chairman of the Committee shall have and exercise a casting or second vote. 20. Travelling allowances for members of Committees :- (1) A member of a Committee shall not be entitled to any remuneration of other than the travelling allowances provided in sub-rule (2). (2) A member of a Committee who is not a Government Servant, shall be entitled to travelling allowance in accordance with the scale basis down in Appendix XLII-A of the Bombay Civil Service Rules, 1959. 21. Restriction on matter to be discussed at meetings :- Notwithstanding anything contained in these rules, the Board shall not be bound to furnish any information at a meeting of the Committee, if in the opinion of the Chairman or member of the Board presiding at the meeting it would be contrary to public interest to furnish such information. CHAPTER 4 The Finance of the Board-Borrowing 22. Particulars of borrowing to be furnished to Government :- While applying for previous sanction of the Government under subsection (1) of Section 65 of the Act, the Board shall furnish all such particulars of the amount, purpose, nature and circumstance of the proposed borrowing as the Government may require. 23. Temporary borrowing by the Board :- The Board may for the purpose of meeting any current expenditure properly chargeable to revenue or preliminary expenses connected with the raising of money by issue of bonds, stock or otherwise, borrow by way of temporary loan or overdraft from any bank or otherwise, such sums as it may require on such terms, condition and security and in such form as may be approved by the Government. The amount so borrowed, together with the interest thereon shall be repaid from current revenue within a period of twelve months from the date of the temporary borrowing or such extended period as the Government may allow. 24. Power to reborrow :- (1) The Board shall have power to borrow:- (a) for the purpose of paying off any money previously borrowed by it which is intended to be forthwith repaid. (b) in order to replace the money which during the previous twelve months has been temporarily applied from other funds of the Board in repaying money previously borrowed in accordance with these rules and which at the time of such repayment it was intended to replace by borrowed money. (2) Any money borrowed under this rule shall, for the purpose of repayment, be deemed to form part of the original loan. 25. Application of money borrowed :- Except with the previous sanction of the Government, money raised by the issue or grant of any security shall not be applied to purposes other than those for which the money was raised. 26. Temporary investments :- The Board may from time to time invest temporarily in such securities as the Government may by general or special order approve any sum raised by the issue or grant of any security and not for the time being required for the purpose for which it was raised. 27. Issue of stock :- (1) All stock issued by the Board shall be redeemable stock and shall be created by and issued In pursuance of a resolution of the Board. (2) The Board may issue such class or classes of stock as it may determine but each class of stock shall have a distinctive title and shall be issued subject to the condition that all stock at any time belonging to that class shall bear one and the same rate of interest, shall become redeemable at the same time and shall in all other respects be of the same character. (3) Subject to the provisions of the Act and these Rules, stock may be Issued for such amount, at such price and at such rate of interest as the Board may with the previous approval of Government determine. 28. Redeem ability of stock :- Stock issued by the Board shall be redeemed on the expiration of such period as the Board may with the approval of the Government by a resolution determine: Provided that it may be redeemed before the expiration of the period if the Board, by a subsequent resolution so determines: Provided further that no stock shall be liable to be redeemed before the expiration of the latest date for repayment mentioned in the original resolution creating the stock unless at least three months' notice of intention to redeem the same has been given. 29. Issue of stock at discount :- (1) Where stock is issued at a price lower than that at which it is to be redeemed the difference between the price of issue and the price of redemption shall for the purposes of these rules be treated as a loan repayable within the period expiring on the earliest date on which the said stock may be redeemed. (2) For the purpose specified in sub-rule (1), the Board shall create a discount sinking fund out of the revenues for the Board, for the period of currency of stock or bond issued. 30. Power to grant mortgages :- (1) The Board may subject to the provisions of the Act and these rules mortgage or charge the works and all the revenues of the Board or any specific property forming part of those works. (2) No mortgage shall be granted by the Board for a period of less than ten years and no extension of the term of any mortgage shall be for a period of less than ten years: Provided that the provisions of this sub-rule shall not apply to or In respect of any mortgage, charged upon any specific property forming part of the works of the Board. (3) Subject to the provisions of these rules, every mortgage other than a mortgage of any specific property granted by the Board shall be by deed made In the form specified or similar to the specified in Appendix-A. 31. Power to issue and renew bonds :- Subject to the provisions of these rules the Board may issue and renew bonds. 32. Security for bonds :- (1) The principal money and interest for which bonds are issued by the Board shall be secured on the covenant of the Board to pay and the principal money and interest secured by any bond or class of bonds may in addition be charged upon or secured by a trust deed charging the works and all the revenues of the Board or any specific property forming part of those works. (2) Bonds issued by the Board shall be called "Gujarat Electricity Board Bonds" or "Gujarat Electricity Board Mortgage Bonds" or "Gujarat Electricity Board Mortgage Debentures" as the case may require. (3) Bonds and applications for bonds shall be for amounts of one hundred, five hundred or one thousand rupees or multiples of one thousand rupees. (4) The principal money secured by a bond shall be repayable at such date within the period determined by Government as may be specified in the bond being not less than five years from the date of the bond. (5) Nothing in this rule shall be construed as prohibiting the Board from redeeming a bond at any time by agreement with the holder of the Bond if it thinks fit to do so. 33. Extinction of securities redeemed or purchased :- If any security given under the foregoing rule is redeemed or purchased by the Board it shall be extinguished. 34. Appointment of Registrars :- The Board shall before making such issue of stock or bonds and before granting any mortgage appoint and thereafter continue to appoint on such terms and subject to such conditions and instructions not inconsistent with these rules as it thinks expedient, an officer of the Board or any banking or other company as registrar of the stocks or bonds to be issued or as registrar of mortgages for all or any of the purposes of these rules. The general practice of the Reserve Bank shall apply to all securities issued under these rules in respect of which the Reserve Bank is appointed as the Registrar. 35. Registers of securities :- Each Registrar shall maintain a register relating to each class of security for which he is appointed Registrar (hereinafter referred to as "the register") in which shall be entered, (a) in the case of stock- the name, address and description of each holder from time to time of bonds of the class to which the register relates and the amount held by him, (b) In the case of mortgages- (i) the names, addresses and description of the parties to each mortgage, the number and date thereof the amount for which the same Is granted and particulars of the property mortgaged and; (ii) the date of registration of each mortgage and the date on which the same Is paid off: (c) in the case of bonds- the name, address and description of each holder from time to time of bonds of the class to which the register relates, a statement of the amount of the bonds held by him, the periods for which they are issued, and the property, (if any) on which they are charged, and, if the bonds are secured by a trust deed, the numbers and dates of the certificates issued to him as hereinafter provided or, if the bonds are not so secured, the number of each bond held by him and the date of registration of each bond and the date on which the same is paid. 36. Certificate of registered stock and bonds secured by trust deed :- O n the registration of stock or of bonds secured by a trust deed, the appropriate Registrar shall issue to the holder of the stock or bonds a certificate of the proprietorship of such stock or bonds as the case may be and such certificate shall be prima facie evidence of the title of the persons named therein. 37. Right to transfer securities :- Subject to these rules and to the terms on which the security is issued, the holder of any security may transfer the same in whole or in part, except that no mortgage or bond not secured by a deed shall be transferred in part and no part of a bond secured by a trust deed shall be transferred which Is not of an amount for which a bond may be issued, by the Board. 38. Transfer of stock and bonds secured by trust deed :- (1) Stock and bonds secured by a trust deed shall be transferred by an instrument in writing and shall be executed both by the transferor and the transferee and duly witnessed and the transfer deed shall be properly stamped. (2) The instrument of transfer and the certificate to which the same relates shall be deposited with and retained by the appropriate Registrar. Such registrar shall cause an entry thereof to. be made in a book to be called "the register of transfers" and shall endorse on the deed of transfer a note of that entry, and shall issue a new certificate or certificates to the transferee or the transferor as the case may require. A separate register of transfers distinguished by a number or otherwise shall be kept for such class of stock and of bonds secured by a trust deed. (3) Not more than one class of bonds shall be Included in any transfer and the deed shall relate only to the transfer, and shall not contain any recital, power or proviso whatever. (4) The transferor of stock or of bonds secured by a trust deed shall be deemed to remain the holder thereof until the name of the transferee is entered in the register relating thereto. 39. Transfer of mortgages and bonds not secured by trust deed :- (1) Mortgages and bonds not secured by a trust deed shall be transferred by an instrument in writing. Each such deed shall be duly stamped and shall state its date and the consideration for the transfer and may be endorsed on the mortgage or bond to which it relates. (2) The appropriate Registrar shall keep a register of transfers of mortgages or of bonds not secured by a trust deed, and as soon as may be after .the date of every transfer, the deed of transfer shall be produced to the appropriate Registrar, who shall cause entries to be .made in the appropriate register of transfer the date of such deed, the name, address and descriptions of the parties thereto and the number of mortgage or bond transferred thereby and until such entries have been made neither the Board nor the Registrar shall be in any manner responsible to the transferee. A separate register of transfers of bonds, distinguished by a number or otherwise, shall be kept for each class of bonds not Secured by trust deed. (3) On the registration of any transfer of a mortgage or of a bond not secured by a trust deed, the transferee or his executors or administrators shall be entitled to the full benefit of the original mortgage or bond and the principal and interest secured thereby. (4) No person except the last transferee registered as aforesaid, or his executors or administrators shall be entitled to transfer, release or discharge any such mortgage or bond or any money secured thereby. 40. Inspection of register of mortgages :- The register of mortgages shall be open to inspection at all reasonable times by any mortgages or other person entitled to a mortgage, free of charge, and by any other person on payment of a fee not exceeding Rs. 5 as the Board may from time to time determine. 41. No notice of trusts :- No notice of any trust, express, implied, or constructive in respect of any security shall be entered in any register, or in any other book kept by the Board or any registrar, or any certificate, or any mortgage or in any transfer of any security, or be receivable by the Board or or any Registrar or affect any Registrar or the Board through any register or otherwise, and the receipt of any person in whose name any security stands in the register relating thereto shall be sufficient to discharge to the Board for any money paid in respect of such security. 42. Transfer on death :- (1) The interest of a deceased holder of any security shall be transferable by his executory or administrators. (2) Where two or more persons are registered holders of security, those persons shall be deemed to be joint holders of such security with right of survivorship between them. (3) The Board or the appropriate Registrar may refuse to allow any executors or administrators to transfer any security until the probate of the will or the letters of administration to the estate of the deceased or a succession certificate under the Indian Succession Act, 1925 (XXXIX of 1925) has or have been left with the Registrar for registration and may require all the executors or the administrators to join in the transfer. 43. Transfer otherwise than by death of holder or transfer in books or by deeds :- (1) If the interest in any security has been transferred in books or a deed in accordance with these rules on the death of a holder of the security, satisfactory evidence of the transfer shall be furnished to the appropriate Registrar by an affidavit of one or more competent person or in such other manner as such Registrar with the approval of the Board, may require. (2) The name of the person entitled under the transfer shall be entered in the appropriate register. (3) Until evidence has been furnished in accordance with sub-rule (i) the Board or such Registrar shall not recognise the transfer and no person claiming under the transfer shall be entitled to receive any interest on the security. (4) For the purposes of this rule the expression transfer includes any case of apparent transfer in the name of the holder of a security although the actual ownership of the security may remain unaltered. 44. Change of Registrar :- Subject to the conditions on which any security is issued, the Board may at any time determine the appointment of the Registrar for the time being of that security and appoint another Registrar in his place. 45. Registrar may take fees etc :- A Registrar may refuse to permit an entry to be made in the stock transfer books kept by him or to register any transfer of a security unless- (i) the fee hereinafter mentioned Is paid in respect thereof and the instrument of transfer is accompanied either by the certificate, or the deed creating the mortgage or in the case of a bond not secured by a trust deed the bond to which It relates (as the case may be) and (ii) Such other evidence (if any) as he may reasonably require to show the right of the transferor to make the transfer is produced. 46. Registration fees :- (1) Except as otherwise provided by the conditions on which any security is issued the appropriate Registrar shall be entitled to charge a fee not exceeding Rs. 3 as the Board may from time to time prescribe In respect of the registration of each one of the following:- (a) any transfer, (b) probate of will or letters of administration. (c) change of name, (d) power of attorney, (e) order of Court, and (f) any other document affecting the registration of a security. (2) If any such registration affects more than one class of security a separate fee may be charged in respect of each class. 47. Registers to be prima fade evidence :- Each register shall be prima fade evidence of any matter entered therein in accordance with these rules and of the title of any person entered therein as the holder of a security. 48. Defaced or lost certificates :- (1) If any certificate of any security is worn or defaced the appropriate Registrar shall on surrender of the certificate and on payment of a fee of Rs. 3 issue a new certificate to the person entitled to the surrendered certificate. (2) If it is shown to the satisfaction of the appropriate Registrar that any such certificate has been lost or destroyed, he shall after the notification in the Official Gazette and or receiving indemnity to his satisfaction against all claims in respect of the lost or destroyed certificate and on payment of the charges of notification and a fee of Rs. 3 issue a new certificate to the person entitled to the lost or destroyed certificate. (3) A memorandum of the issue of a new certificate shall be made thereon and in the appropriate register. 49. Closing of transfer books etc :- (1) The appropriate Registrar with the approval of the Board and after giving due notice by public advertisement, may close the register of transfers of any class of security for a period not exceeding thirty days immediately preceding the date for the payment of interest on the security. (2) The persons who on the day of closing in accordance with sub- rule (1) are registered as holders of any security shall be entitled to the interest next payable thereon. 50. Arrangement with bankers :- The Board may, subject to the provisions of these rules, make any arrangement with and provide for the proper remuneration, of any banking or other company brokers of financial Agents with respect to the issue of securities the registration and transfer of securities, to the payment of interest on securities, the keeping of Books and other matters incidental to the issue, management redemption and repayment of securities. 51. Saving for power of revocation :- The Board may by resolution, revoke at any time in whole or in part, any resolution for the creation of any security passed by the Board If and so far as the same has not been acted on by the Issue or grant of securities thereunder and shall forthwith give notice of any such revocation to the Government. 52. Saving for Government :- No security shall be issued or granted as a security in respect of which the payment of the principal interest or the principal or interest is guaranteed by Government until the amount, price, rate of interest, date and method of issue of such arrangements for the application of the proceeds of the issue and for the repayment of the proceeds have been previously approved by the Government and no variation of any such arrangement shall be made without the like approval of the Government. CHAPTER 5 Annual Financial statement and other statements and reports to be submitted by the Board 53. Form of annual financial statement :- The annual financial statement to be submitted by the Board to the State Government under Section 61 shall be in the form specified in Appendix B . 54. Supplementary Statement :- A supplementary statement (if any) shall also be submitted to Government in the form specified in Appendix B during the year to which such supplementary statement pertains. 55. Submission of statement to the Council :- The Board shall submit to the council each year an annual financial statement in the form specified in Appendix B not later than the fifteenth day of January of each year. A supplementary Statement if any, shall also be submitted to the council before submission to the Government. 56. Annual statement of Accounts :- (1) The annual statement of account of the Board shall be drawn up within six months from close of the year and shall be after certification by the comptroller and Auditor General of India be submitted to the Government in the forms specified in Appendix 'C'. (2) The statement of accounts shall be published at the cost of the Board in the Official Gazette, and printed copies thereof shall be put on sale at a price to be fixed by the Board not exceeding Rs. 5 per copy. 57. Submission of Annual Report :- (1) The Board shall as soon as possible, after the 31st day of March, in each year but not later than the 31st December, submit to the Government an annual report of the Boards operation during the financial year ending on 31st March. (2) The annual report under sub-rule (1) shall in addition to matters of general interest contain:- (a) statistical data to be furnished in the form specified in Appendix D: (b) the progress made in planning or construction of any new power source: (c) the progress made in the planning or construction of any new transmission system: (d) details of any station or stations which the Board has closed down or over which the Board has assured control during the year; (e) details of any undertaking generating stations or main transmission lines which the Board has acquired under the provisions of Section 23 or Section 37 : (f) names of licensees for whom Rating Committees were set up by the Board during the year under Section 57 to examine the charges for energy. (g) details of any directions given to licensees being local authorities in respect of their undertaking under the provisions of Section 58 ; (h) details of the provisions of any inter-state agreement entered into with contiguous State under the provisions of Section 6 : (i) the matters referred to the Central Electricity Authority: (j) the general financial position of the Board including reference to the profit or loss made during the year: (k) the financial prospects for the ensuing year and the technical progress anticipated during that year: (l) the details of the tariffs of the Board in force during the year: (m) Review of work of the Council: (n) particulars regarding education training facilities and welfare schemes for staff and labour of the Board. CHAPTER 6 Miscellaneous 58. Remuneration of members of the Rating Committee :- T h e remuneration and travelling allowance to members of any rating committee constituted under Section 57A who are not paid servants of Government or of the Board, shall be Rs. 40 for every day of the meeting of the Rating Committee and travelling allowance admissible to Class I officers of Gujarat Government. It shall however be open to any member of the rating committee not to draw any remuneration in an honorary capacity. 59. No remuneration payable under rules 4 and S7 simultaneously :- T h e members of the Board shall not be entitled to draw remuneration under rules 4 and 57 simultaneously if the meetings of the Board and of the rating committee are held on the same day. 60. Appointment of consulting Engineer :- The Board may object to such conditions as may be laid down by it and approved by Government from time to time, appoint qualified persons to be consulting Engineers to the Board and pay them such remuneration as it thinks fit. 61. Repeal and saving :- The Bombay Electricity (Supply) Rules, 1957 and any rules corresponding thereto in force In any part of the State of Gujarat immediately before the coming into force of these rules are hereby repealed: Provided that anything done or any action taken under the rules so repealed shall, in so far as it is not Inconsistent with the provisions of these rules, be deemed to have been done or taken under the corresponding provision of these rules.